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Archive: 04 March 2020

Posts in 04 March 2020

LLP Settlement Scheme – 2020 (Step Towards ‘Compliance”)

March 4, 2020 1608 Views 1 comment Print

Short Summary of New LLP Settlement Scheme- 2020- Large Numbers of LLP’s have defaulting in filling of followings forms: ♦ LLP-3 viz. LLp Agreement and change theirein ♦ LLP-8 Statement of Account and Solvency ♦ LLP-11 Annual Return of LLP As per LLP Act if such form not being filed within prescribed time presently LLPs […]

Procedural law should not take away right to claim Transitional Credit: HC

March 4, 2020 1464 Views 0 comment Print

Rishi Graphics Pvt. Ltd. Vs Union of India & Ors (Calcutta High Court) A procedural law should not take away the vested rights of persons that are provided to them by statute. The petitioners have approached this court with a prayer for allowing them to file/upload in GST TRAN-1. The petitioners intend to file TRAN-1 […]

Section 80P Deduction eligible to Co-Op Bank Primarily engaged in Banking Business

March 4, 2020 1920 Views 0 comment Print

The issue under consideration is whether co-operative bank is eligible for deduction under section 80P of income tax Act, 1961 ? Co-Operative Bank is Also Eligible for Deduction u/s 80P if they Primarily Engaged in Business of Banking

Penalty not levaible on addition made solely based on declaration

March 4, 2020 825 Views 0 comment Print

When no money, bullion, jewellery or book entry was found at the time of search, and only evidence against the assessee is an admission of additional income made in the statement under section 132(4), whether such admission tantamount to disclosure of money, bullion, jewellery or diary and income disclosed is to be considered as concealed income or not?

Failure to pass fresh Provisional attachment order- HC imposes cost of ₹ 5 Lakh on GST Authorities

March 4, 2020 1830 Views 0 comment Print

Section 83(2) is crystal clear that the provisional attachment shall cease upon expiry of one year. It was therefore incumbent on the authorities to either release the provisional attachment by informing the bank or by issuing a fresh order of provisional attachment, if the law so allowed.

Hoarding charges for advertisement on boundary walls is House Property Income

March 4, 2020 6357 Views 0 comment Print

In the given case the assessee is a partnership firm engaged in the business of builders and developers. During the course of assessment proceedings the Assessing Officer (AO) observed that the assessee had received hoarding charges of Rs. 41,80,000/- from M/s Dezen Products for advertising display on boundary walls and the same was offered for taxation under the head Income from House Property.

Difference Between Stamp Duty And Franking

March 4, 2020 36024 Views 0 comment Print

Stamping and Franking are two widely misunderstood terminologies that require utmost clarification while dealing with documents and payable instruments. A stamp duty is the tax levied on legal documents commonly in the transfer of assets or property. In India, some of the contracts, real estate transactions, mortgage deeds etc. need to be stamped to make […]

Statutory Remedy Against Refusal to Transfer Shares | Companies Act 2013

March 4, 2020 9348 Views 0 comment Print

Statutory Remedy Against Refusal to Transfer Shares Under Section 58 of the Companies Act 2013 The process to be followed by the shareholders, if the company refuse to transfer their shares. The power can be exercised by the shareholders as per the provisions of section 58 of the Companies Act, 2013. Statutory Remedy Against Refusal […]

Introduction to Partnership

March 4, 2020 55806 Views 0 comment Print

Introduction to Partnership ♣ Partnership is an association of two or more individuals who agree to share the profits of a lawful business. ♣ It is managed and carried on either by all or by any, or some of them acting for all. ♣ The formation of partnership is easy and simple. ♣ Each member […]

Understanding responsibilities and importance of independent director in a company

March 4, 2020 42087 Views 0 comment Print

Article explains Importance of independence of independent directors, Recognition And Importance Of Independent Director Under Company Law, Role of Independent Director in CSR Committee, Role of Independent Director in Board meeting, Role of Independent Directors in this Meeting, Role of Independent Director in Audit Committee, Role of Independent Director in Nomination and Remuneration Committee and […]

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